The resolution authorizes the issuance of single family mortgage revenue bonds, which financed roughly 1,900 first time home buyer loans in 2016. The resolution puts a $125 million cap on the total amount to be issued. They re-approved roughly $9 …

Fifth Annual Rummage Sale. 8 a.m. to 3 p.m. 1150 W. Hillsdale Blvd., San Mateo. We will have an assortment of household goods, small appliances, tools, books and tables filled with treasure to rummage through as well as hot dogs and grilled cheese …

One of the most perplexing aspects of the new housing market is the outlook for entry-level new home demand. Most builders have given up on serving the entry-level niche because it is so difficult to build profitably in a price range that is attainable for people who are in the middle class (or even upper-middle). The unanswered question is: will this segment ever come back, and if so, to what degree, and when?

A key group that has been conspicuously absent from the entry level housing market is Generation Y. There is general agreement that there are millions of pent-up households, because so many Millennials are living with their parents, and delaying getting married and starting their own families. The question is whether it is a delay, or a cancellation. I believe the answer is: both. There are Gen Yers who will get married, but in their 30s instead of in their 20s, some of whom have deferred having children, and others of whom will choose never to have children. My analysis suggests that the deferrals will outnumber the cancellations, and that the implication is that the pent-up demand is real, and will emerge gradually over the next several years. We are already starting to see marriage rates rising (slightly) and births are rising as well.

New data from the Census Bureau suggests that the household formation rate, which had been running at extremely low levels close to 500,000 a year (a direct effect of the doubling-up, not only with parents, but with roommates), has risen to 1.4 million per year. There is also confounding evidence suggesting that the majority of the increase in household formations has NOT consisted of Millennials. Surprisingly, it appears that BOOMERS have accounted for most of the increase, partly due to a rebound from unusually low divorce rates (unhappy couples stayed together longer for economic reasons when the economy was weak), but more because population growth is fastest in the 55+ age cohort, and that age cohort has smaller households on average.

One more factor: attitudes among twenty-somethings regarding home ownership versus rental living are vastly different than they were in previous generations. The question in this instance is: is this changing now that more Millennials are getting married, and/or, will it change in the future? There certainly are logical reasons why young parents would want to live in the suburbs, namely: higher-quality public schools than in the urban areas, a greater sense of safety, and more open space. Attitudes appear to be shifting already. Data on new-home purchase money mortgages confirm that first-time homebuyers are re-entering the market. Data from AEI and Barclays Research shows that first-time home buyer loans are up 17% year-over-year based upon the last twelve months ending in November 2015. The data show a steady upward climb in these loans throughout all of 2015 after having been completely flat in 2014.

Confirmation can also be found by simply taking note of the success of DR Hortons Express Homes brand, which has gone from being 10% of the parent companys unit sales one year ago to 20% today.
LGI Homes is hitting the highest level of sales in its history. Both of these builders target the needs of the entry level buyer, and offer homes that many of them can afford.
KB Home and Meritage have established a good track record in this arena as well. Recent shifts have also inspired builders such as
Taylor Morrison Home Corp. and Tri Pointe Homes to test offerings that are priced lower than they typically have built.

The re-entry of the entry-level buyer has begun, but this groups next moves will be gradual. Income challenges remain, and there are still relatively few new home developments who target this group.

As we watch this trend unfold, we should bear one thing in mind: entry-level no longer equates to first-time. First-time home buyers generally lack the income or the savings needed to buy a new home, so the resale market is their best bet, particularly since the spread between resale homes and new homes is now as high as 30% in many markets. Once they have bought a starter home and traded up out of that one into a larger (used) home, many of them will have developed sufficient equity to buy one of the lower-priced new homes.

With over 80 new hires, the expanded mortgage team will strengthen the bank’s growing mortgage business November 16, 2015: 09:52 AM ET

CHERRY HILL, N.J., Nov. 16, 2015 /PRNewswire/ — TD Bank, America’s Most Convenient Bank®, today announced that it will hire 79 experienced Mortgage Loan Officers (MLOs), to boost its residential lending and meet the housing market demand in the coming years. TD Bank will also create a new position, Managing Producer, to deepen the bank’s mortgage business and provide exceptional homeownership experiences. The new team of lenders will focus on Boston, Philadelphia, New Jersey, Washington D.C., Northern and Southern New England and the greater New York City area.

“We’re pushing for growth, and by boosting the number of mortgage loan officers across our key markets we’ll be able to meet the housing market demand next year,” said Kevin Gillen, General Manager, Residential Mortgage, TD Bank. “We empower our MLO channel by providing open and clear communication, which enables them to be more successful and deliver a more convenient customer experience.”

The addition of 79 new MLOs will increase the banks MLO team from 100 to 179, and help with the transition to a new store referral model.

TD Bank continues to focus on providing customers with simple and easy to understand products suited to meet individual needs, with attractive and competitive rates on many mortgage products, such as new construction, jumbo and first-time home buyer loans.

The Managing Producers will maintain responsibility for recruiting new MLOs, managing the loan production of an MLO team, coordinating sales, driving business development and growing the business.

TD Bank is a proven leader in lending, and providing solid customer experiences through responsible lending practices. Its model positioned the bank for expansion of its lending business through the economic downturn

Experienced Mortgage Loan Officers who are interested in working for TD Bank can visit www.tdbank.com/careers/ for more information on our open positions.

About TD Bank, America’s Most Convenient Bank®TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com.

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The composite National Mortgage Risk Index (NMRI) for Agency purchase loans stood at 12.09% in July, continuing the composites trend of year-over-year increases since January 2014. The NMRI, which is conducted by AEI’s International Center on Housing Risk and gauges the degree of risk in the post-sub-prime housing market, ticked down 0.2 percentage point from the average for the prior three months. However, it is up 0.6 percentage point from a year earlier.

Perhaps even more concerning is that agency loan originations continued to migrate from large banks to nonbanks in July. This shift in market share has accounted for much of the upward trend in the composite NMRI, as nonbank lending is substantially riskier than the large bank business it replaces. Considering the composites results, the surveys directors say home price data should be analyzed in context. The SP/Case Shiller composite index of 20 metropolitan areas in June gained 5.0% on a year-over-year basis, slightly quicker than the 4.9% rate in May.

Historically low mortgage rates, an improving labor market, and loose credit standards especially for first time buyers, combined with a 35-month-long seller’s market for existing homes, continue to drive up home prices faster than income growth, said Edward Pinto, c-odirector of AEI’s International Center on Housing Risk. Increasing leverage in a sellers market is pushing up real home prices (now 12.5 percent above the trough reached in 2012:Q2) moving the goal post further away for many aspiring low- and middle-income homebuyers.

The NMRI results are based on nearly the universe of home purchase loans with a government guarantee and, in the month of July, the composite data included 264,000 such purchase loans, up 12% from a year earlier. With the addition of these loans, the total number of loans that have been risk rated in the NMRI since November 2012 increased to 6.7 million.

FHA’s premium cut does not appear to have achieved its goal of increasing access to homeownership, said Stephen Oliner, codirector of AEI’s International Center on Housing Risk. Rather, FHA largely has stolen business from other government agencies and has enabled borrowers to buy more expensive homes.

Other notable takeaways from the July NMRI include the following:

o The NMRI for first-time buyers hit 15.40%, up 0.9 percentage point from a year earlier, and well above the Repeat Buyer NMRI of 9.68%.

o The Spring homebuying season has been very strong, buoyed by robust first-time buyer volume driven by an improving job market and increasing leverage.

o About 140,000 purchase loans for first-time buyers were added in July, up almost 16% from a year earlier, bringing the total number of first-time home buyer loans in the NMRI to 3.0 million (April 2013 – July 2015).

o A non-stop seller’s market since September 2012 has been fueled by historically low mortgage rates and high, growing leverage. As a result, real home prices have been increasing since 2012:Q3, far outstripping income growth and crimping affordability.

o Credit standards for first-time home buyers are not tight.

o In July, 71% had down payments of 5% or less, 25% had DTIs greater than the QM limit of 43%, and the median FICO score was 709, a bit below the median for all individuals in the US

o 20.7% of first-time buyers in July had subprime credit (a FICO score below 660), up from 18.9% in July 2014

o The reduction in FHA’s mortgage insurance premium cut has boosted its market share to 29.1% in July from 23.7% in July 2014.

o This increase has come at the expense of its most direct competitors: Fannie Mae (July market share at 33.5% down from 36.7% in July 2014) and the Rural Housing Service (July market share at 3.3% down from 5.1% in July 2014).

o Riskier FHA loans have been used to purchase higher priced homes.

o The collapse in large-bank market share continued in July, offset by nonbanks, which have a much higher MRI.

The composite National Mortgage Risk Index for Agency purchase loans stood at 12.09% in July, down 0.2 percentage point from the average for the prior three months, but up 0.6 percentage point from a year earlier.

The monthly composite, produced by the American Enterprise Institutes International Center on Housing Risk, has increased year-over-year in every month since January 2014.

Agency loan originations continued to migrate from large banks to nonbanks in July.

This shift in market share has accounted for much of the upward trend in the composite NMRI, as nonbank lending is substantially riskier than the large bank business it replaces.

Historically low mortgage rates, an improving labor market, and loose credit standards especially for first time buyers, combined with a 35-month-long sellers market for existing homes, continue to drive up home prices faster than income growth, said Edward Pinto, codirector of the Center.

Increasing leverage in a sellers market is pushing up real home prices, now 12.5% above the trough reached in the second quarter of 2012, moving the goal post further away for many aspiring low- and middle-income homebuyers.

The NMRI results are based on nearly the universe of home purchase loans with a government guarantee.

In July, the NMRI data included 264,000 such purchase loans, up 12% from a year earlier. With the addition of these loans, the total number of loans that have been risk rated in the NMRI since November 2012 increased to 6.7 million.

Other takeaways from the July NMRI include:

The NMRI for first-time buyers hit 15.40%, up 0.9 percentage point from a year earlier, and well above the Repeat Buyer NMRI of 9.68%.

The Spring homebuying season has been very strong, buoyed by robust first-time buyer volume driven by an improving job market and increasing leverage.

About 140,000 purchase loans for first-time buyers were added in July, up almost 16% from a year earlier, bringing the total number of first-time home buyer loans in the NMRI to 3.0 million (April 2013 July 2015).

A non-stop sellers market since September 2012 has been fueled by historically low mortgage rates and high, growing leverage. As a result, real home prices have been increasing since 2012:Q3, far outstripping income growth and crimping affordability.

Credit standards for first-time home buyers are not tight.

In July, 71% had down payments of 5% or less, 25% had DTIs greater than the QM limit of 43%, and the median FICO score was 709, a bit below the median for all individuals in the US

20.7% of first-time buyers in July had subprime credit (a FICO score below 660), up from 18.9% in July 2014

The reduction in FHAs mortgage insurance premium cut has boosted its market share to 29.1% in July from 23.7% in July 2014.

This increase has come at the expense of its most direct competitors: Fannie Mae (July market share at 33.5% down from 36.7% in July 2014) and the Rural Housing Service (July market share at 3.3% down from 5.1% in July 2014).

Riskier FHA loans have been used to purchase higher priced homes.

The collapse in large-bank market share continued in July, offset by nonbanks, which have a much higher MRI.

FHAs premium cut does not appear to have achieved its goal of increasing access to homeownership, said Stephen Oliner, codirector of the Center. Rather, FHA largely has stolen business from other government agencies and has enabled borrowers to buy more expensive homes.

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The state agency charged with helping people buy affordable homes is facing a financial crisis of its own. Rhode Island Housing is laying off 30 people; 15 percent of its workforce.

Rhode Island Housing director Richard Godfrey says the reasons are twofold. There’s been a cutback in federal support and many of the 12,000 mortgages they have outstanding are delinquent.

Right now we have about 12,000 outstanding first time home buyer loans. About seven percent of them are in default. So that’s about 840 households, said Godfrey. Even when those folks don’t make their payments to us we still make our payments to our bondholders. So that has created a cash flow shortage which means we have less money to employ the people to do our work.

Rhode Island Housing was founded 40 years ago. It has provided funds to help over 60,000 Rhode Islanders buy their first home and each year provides oversight over 25,000 affordable apartments.

Do you have insight or expertise on this topic? Please email us, wed like to hear from you. news@ripr.org